The Central Bureau of Investigation (CBI) on Friday registered a case against a pharmaceutical company and conducted a search in premises of its Directors on the allegations of bank fraud of Rs 1600 crore.
CBI said that they have registered a case on a complaint from Central Bank of India and other member banks against Parabolic Drugs limited company based at Chandigarh and others including Managing Director, other Directors, Guarantors and unknown public servants/private persons on the allegations of defrauding the banks to the tune of approximately Rs 1626.74 crore.
It was alleged that the said private company was engaged in the manufacturing of drugs. It was further alleged that the said accused had cheated the consortium of banks to the tune of approximately Rs 1626.74 crore by criminal conspiracy, forgery, using forged documents knowing the same to be forged and availed the loan funds and thereafter diverted the same.
Searches were conducted on Friday at 12 locations including Chandigarh, Panchkula, Ludhiana, Faridabad and Delhi at the office and residential premises of the accused which resulted in the recovery of incriminating documents, articles, cash amount of approximately Rs 1,58,96,000.
The case is under investigation.
( With inputs from ANI )
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